The College Factor: Three Points Divorced Parents Need to Consider

Navigating the college selection process and funding a child’s college education can be stressful for all parents, but can be especially stressful for parents who are divorced. Fortunately, divorced or separated parents can minimize the stress associated with college preparation through proper planning, open communication, and the involvement of both parents.

Understand the Financial Obligation
Illinois is one of the few states that recognizes the obligation of divorced parents to contribute to their child’s college education. While both parents have this obligation, the amount each must contribute need not be equal. The Illinois courts will consider all relevant factors, including, but not limited to, the financial resources of both parents, the standard of living the child would have enjoyed had the marriage not been dissolved, the financial resources of the child, and the child’s academic performance.

Proactively Plan for College Expenses
Addressing higher education expenses in the divorce agreement is essential. A college support agreement should specify exactly what expenses will be covered, and what percentage of those expenses each parent and the child will be responsible for.